2006-2007 Academic Catalog

236 Cedarville University 2006-07 Financial Information Financial Information Federal Refund Policy Programs that are included: Federal Pell Grant Academic Competitiveness Grant National SMART Grant Federal SEOG Grant Federal Perkins Loan Federal Stafford Loans Federal Parents PLUS Loan A portion of Title IV grant or loan funds, but not FWS funds, must be returned to the Title IV programs upon a Title IV recipient’s withdrawal from the school. Withdrawal date The day the student withdraws is the date (determined by the school): The student began the withdrawal process prescribed by the school; The student otherwise provided the school with official notification of the intent to withdraw; or For the student who does not begin the school’s withdrawal process or notify the school of the intent to withdraw, the mid-point of the period of enrollment for which Title IV assistance was disbursed (unless the institution can document a later date). If the school determines the student did not begin the withdrawal process or notify the school of the intent to withdraw due to illness, accident, grievous personal loss, or other such circumstances beyond the student’s control, then the school may determine the appropriate withdrawal date. Percentage of the payment period or period of enrollment completed The percentage of the period of enrollment for which assistance was awarded that was completed is determined by dividing the total number of calendar days comprising the period of enrollment for which assistance is awarded into the number of calendar days completed in that period as of the day the student withdrew. Calculation of Title IV assistance earned To calculate the amount of Title IV assistance earned by a student, the school must first determine the percentage of Title IV assistance the student earned. Up through the 60 percent point of time, the percentage of assistance earned is equal to the percentage of the period of enrollment for which it was awarded that was completed as of the day the student withdrew. If the student withdrawal occurs after the 60 percent point, then the amount is 100 percent. Calculation of Title IV assistance not earned The amount of the Title IV grant and loan assistance not earned by the student is calculated by determining the complement of the percentage of assistance the student earned and applying it to the total amount of grant and loan assistance that was disbursed (or that could have been disbursed) to the student, or on the student’s behalf, for the period of enrollment as of the day the student withdrew. Difference between amounts earned and amounts received The school will follow the regulations for late disbursement if the student received less grant or loan assistance than the amount earned. If the student has received more grant or loan assistance than the amount earned, then the unearned funds shall be returned by the school or the student or both. 1. 2. 3. 4. 5. 6. 7. • • • Responsibility of the school The school shall return the lesser of the unearned amount of Title IV assistance or an amount equal to the total institutional charges the student incurs for the period of enrollment of which the assistance was awarded, multiplied by the unearned percentage of awarded Title IV grant and loan assistance. Responsibility of the student Students shall return unearned Title IV assistance minus the amount the school returns. Order of return of Title IV funds Excess funds returned by the school or student are credited to outstanding Title IV loan balances for the student or made on the student’s behalf for which a return of funds is required. Excess funds must be credited to outstanding balances in the following order: Unsubsidized Stafford loans Subsidized Stafford loans Federal Perkins loans FFEL PLUS loans Federal Pell grant Academic Competitiveness Grant National SMART Grant Federal SEOG grant Veterans Training Benefits and Dependents Educational Assistance Cedarville University is approved under Title 38, Chapters 30, 31, 32, 35, 1606 and 1607, U.S. Code for Education of Veterans and their Dependents. Students under Chapters 30, 32, 35, 1606, and 1607 are required to pay the school for all charges. The Veterans Administration in turn pays them a monthly allowance based upon their training load. Veterans under Chapter 31 are paid a monthly allowance and the Veterans Administration pays the school for tuition, fees, books, and supplies. Inquiries concerning eligibility should be directed to the contact office of a Veterans Administration Regional Office. Students planning to study under one of the education laws should receive approval prior to enrolling. A Veterans Administration training officer will contact the University in the disabled cases to accomplish this requirement for the student. Cedarville University students eligible for veterans benefits should contact the veterans benefits counselor in the office of the registrar. Deferred Payment Plan for Veterans For Option Deferred Payment Plan for Veterans (under chapters 30, 31, 32, and 35) receiving the Educational Assistance Allowances, consult the office of the registrar. Payments by veterans receiving their Educational Assistance Allowance checks one month behind will be as follows: Fall Semester: 1st payment by 10/1 2nd payment by 11/1 3rd payment by 12/1 Final payment by 1/1 Spring Semester: 1st payment by 2/1 2nd payment by 3/1 3rd payment by 4/1 Final payment by 5/1 A late payment charge of $35 is applicable for accounts unpaid after the payment due date. Veterans receive eight monthly VA checks that must pay for eight deferred payments on the semester system. 1. 2. 3. 4. 5. 6. 7. 8. Student Costs